06302016 business

THURSDAY, JUNE 30, 2016

business@tribunemedia.net

Sarkis loses bid to buy $192m claims

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Supreme Court yesterday ruled it was legally impossible for Sarkis Izmirlian to acquire the rights to Baha Mar’s $192 million damages claim against the project’s contractor.

Justice Ian Winder instead found in favour of the arguments advanced by Brian Simms QC, attorney for Baha Mar’s Deloitte & Touche receivers, ruling that the project’s original developer had no standing to ‘purchase’ the action lodged in the UK High Court.

Mr Izmirlian and his Granite Ventures vehicle, in a statement following the ruling, argued that the verdict had denied Baha Mar’s unsecured creditors an opportunity to pursue arguably the best recovery source for the multi-million dollar sums they are owed.

He said instead that Baha Mar’s Bahamian creditors had been “marginalised”, and “shoe horned” into the Supreme Court winding-up See PG B6

Court rules ‘no standing’ to buy action versus CCA Developer: Creditors denied best recovery source Judge seemingly queries if move was to benefit all

A CABINET Minister yesterday admitted that successive governments had “committed some sins” in failing to properly manage the Bahamas, as he warned: “The world is leaving us behind.”

Khaalis Rolle, minister of state for investments, warned that the Bahamas See PG B4

THE Bahamas Society of Engineers (BSE) president yesterday bemoaned how local professionals were frequently being ‘frozen out’ of foreign direct investment (FDI) projects, with work “never touching our soil”.

DeCosta Bethel, a manager/consultant at Engineers & Consultants, said the Bahamian economy was also being hampered by a lack of manufacturing and export activity, which undermined its foreign exchange earning potential.

Speaking at the launch of the Bahamas Coalition of Services Industries, Mr Bethel, a former long-serving BEC executive, warned that the inability of local engineers to consistently secure significant work on major FDI projects was “stymieing” the development of Bahamian intellectual capital.

Expressing delight at

FLORIDA-based air cargo companies are threatening to boycott the Bahamas over the new Customs fees and fines set to be introduced tomorrow, with this newspaper told: “It’s DDay time.”

Tribune Business has obtained correspondence which warns air cargo/ freight companies to “be prepared to withhold your services” if it becomes necessary to force the Govern-

nmckenzie@tribunemedia.net

SARKIS IZMIRLIAN

Minister warns: ‘World is leaving us behind’ Bahamas ‘can’t let 15 more years slide’ on planning Otherwise next ‘State of the Nation’ not pretty

Bemoans lack of FDI project involvement Funds ‘never touch Bahamian soil’ Says manufacturing, exports ‘greatly underserved’ the Coalition’s launch, Mr Bethel expressed hope that it “will assist us in two major issues, with which we have major concerns”.

“Bahamian engineers are not involved too much in large engineering projects in this country, and there is a very real need to improve manufacturing and industrial activity in this country,” the BSE president said.

Having identified his See PG B5

ment to repeal changes that accompany the 2016-2017 Budget.

The letter, addressed to ‘all carriers to the Bahamas’, and copied to the many local couriers and import brokers they serve, warns that the potential liabilities from the new Customs penalties “are more than any reward our airlines can make”.

Arguing that these sanctions could be imposed for infractions over which air cargo companies “have no control”, the letter says the sector “cannot be held hostage by Bahamas Customs”.

Then, suggesting a potential boycott of this nation as a last-ditch response if all else fails, it adds: “The Bahamas needs us as much as we need them.”

The documents seen by Tribune Business illustrate how the shipping/cargo/ logistics industry has been thrown into turmoil by the Budget amendments, which again have appear to have been introduced without any warning or consultation with Bahamian or international businesses.

Commerce in this nation See PG B5

Florida-based industry rails against Customs fines Won’t be ‘held hostage’; warns penalties too much Turnaround delay ‘just as crippling’ to business models

PM targets ‘top 50’ business ease rank Tribune Business Reporter

Engineers chief: Our growth is being ‘stymied’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NATARIO McKENZIE

All Govt’s ‘committed sins’ managing nation

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

Air freight operators in Bahamas boycott threat

THE Prime Minister yesterday said he was targeting a ‘top 50’ ranking for the Bahamas in the World Bank’s ‘ease of doing business’ index within five years, arguing that its current 106th spot does not reflect its capabilities and potential.

Mr Christie, in opening remarks at a seminar on innovation, transparency and service delivery hosted by the Inter-American Development Bank (IDB), in conjunction with the National Development Plan Secre-

Admits Bahamas ‘complacent for too long’ And ‘paying heavily for that now’

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Gov’t agencies too likely to say: ‘Come back later’

$4.20 PERRY CHRISTIE

tariat, said this nation’s current ‘ease of doing business’ ranking is “not acceptable”.

“The 106th place on the World Bank’s Index of doing business is not acceptable for the Common-

wealth of the Bahamas,” he charged.

“It doesn’t not reflect our potential and capabilities. It doesn’t reflect our years of experience as a world class See PG B4

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PAGE 2, Thursday, June 30, 2016

THE TRIBUNE

BTC unveils technology roll-out for east Nassau HUNDREDS of residents turned out for the Bahamas Telecommunications Company’s (BTC) June 22 Town Hall Meeting to introduce Fiber-to-theHome (FTTH), in eastern New Providence.

A CUSTOMER wins a mobile device during the BTC Town Hall Meeting.

BTC said its new technology, now available to residents, could deliver 1GB of data to their homes.It ensures that BTC will have the bandwidth to offer a variety of new services, such as FLOW TV and smart

home technology.

BTC’s 14,805 customers in eastern New Providence are now able to access more than 165 channels, with 20 in high definition (HD).

“This is another ‘Blue Letter Day’ in the history of BTC. Fibre-to-the-Home is here, and it is available for our customers in eastern New Providence,” said Leon Williams, BTC’s chief executive.

“We are indeed encouraged by the turn out this

evening; it demonstrates that customers are indeed interested in this new technology and are enthusiastic to learn more.”

Apart from television services, BTC will be partnering with an external prpvider to provide smart home technology.

Pro-Tech Security’s chief executive, Leron Williams, was also present at the BTC Town Hall Meeting to share details on the extended benefits of fibre-to-thehome services.

“With smart home technology, you can completely secure your home. You can

adjust your lights, open your front door and even answer your doorbell from anywhere in the world,” said Mr Williams.

BTC currently offers FLOW TV services to Bimini, Inagua and Rum Cay. As part of the post-Hurricane Joaquin restoration efforts, BTC installed fibreto-the-Home and FLOW TV in Rum Cay. The company is currently completing a fibre-to-thehome roll-out in San-Salvador, and plans to provide the technology throughout New Providence in the upcoming months.

Online drive gives $11m revenue boost

By SENATOR ALLYSON MAYNARD-GIBSON Attorney-General and Minister of Legal Affairs IN this digital age, more and more governments are making the shift to online services to promote the expediency of service delivery, as well as to facilitate growth for business stakeholders. From the perspective of the Government of the Bahamas, modernising government services is essential, especially if we are to tap into the potential of young Bahamians, our future generation.

I believe that with the right conditions, talented young Bahamians are poised to change the world.

Improvements in the capacity of government to deliver services will not only support innovation and entrepreneurship, but will also increase productivity and create cost savings for businesses, simplify citizen interactions with government, reduce the cost of the public sector and increase government revenues.

This is why the Registrar General Department and the Office of the AttorneyGeneral, along with our partners in the private sector, are working together closely to improve the ease of doing business in the Bahamas, and to transform our e-government platforms to eliminate costly and time-consuming red tape.

First, we initiated the Companies e-Service Initiative on January 5, 2016.

This new campaign has moved the incorporation of companies and the paying of incorporation fees all online.

Phase-1b of the initiative will go even further, allowing for multiple names to be reserved, ordering of multiple documents, payment of Stamp duty, regular company/non-agent payment opportunities and the uploading of officers and directors.

This is partially completed.

The work will continue with the integration of National Insurance Board records to ensure that information is shared across platforms and government processes, making our work more accurate and more efficient.

Before the end of the year we expect the completion of Phase-2, which will allow for the execution of other company services such as dissolutions and the obtaining of Certificates of Good Standing, and changes in company ownership all online.

With the start of Phase-1 alone, we’ve seen more than $11 million in revenue generated by the Companies eService Initiative.

We are optimistic that by modernising government services and improving the ease of doing business in the Bahamas, more young entrepreneurs will be able to pursue their dreams and set up successful business ventures. This includes those aspiring entrepreneurs on the Family Islands, who will no longer have to come to Nassau to register their business, a process that can be time-consuming and costly.

For instance, think of the bright young man from Exuma who has just graduated high school and wants to start his own small business. By reducing the reliance on lawyers and untangling lengthy processes, this

Minister outlines Gov’ts e-service plans to boost Bahamas’ ‘ease of doing business’ young entrepreneur can save time and money incorporating his business. He can do this all online, even on his phone, from the comfort of his bedroom.

Imagine the many Bahamians who are full of ideas for how to help their communities, but feel that the process of registering their organisations is too complicated. The young woman from Andros can quickly establish and register her non-profit organisation with ease, as she organises a fundraiser that will help to empower her community.

Or consider a Bahamian chef, invited to an international culinary competition to display our wonderful food culture, never having owned a passport. With integrated government records and the ability to request certified documents online, we can eliminate the need to visit multiple government offices and stand in multiple lines to gather the necessary documents for his application.

Yesterday, along with our partners at the Inter-American Development Bank (IDB), we began conversations on how to build on the successes we have already achieved. A two-day seminar, ‘Putting the Bahamas Ahead of the Wave: New Avenues to Embrace Innovation, Transparency and Service Delivery’, brought together the National Development Plan secretariat, senior public service officers, private sector representatives, specialists from the IDB, the institutional vapacity of the State Department and the Office of the presidency of the Republic of Colombia.

Our priorities for this dialogue - better organising government service delivery, improving transparency and internal controls, and enhancing e-Government and civil registration - are organically connected with the work of the Vision 2040: National Development Plan. This signals our commitment to moving from identifying our needs and the opportunities available to us, to implementing real change.

For our government, these concerns are central as we move towards building a modern Bahamas.

This shift in policy to strategically think about how we deliver services, along with wide-ranging reforms to the public financial management system and the implementation of new information technology to enhance government services, were a primary focus during Prime Minister Perry Christie’s 2016-2017 Budget communication.

As I said during my own 2016-2017 Budget contribution in the Senate, these substantive changes to the way we do business will make us more competitive in the region and remove the red tape that so often stifles entrepreneurship.

This government is working to ensure that we make it easier for young Bahamians to pursue their dreams of entrepreneurship, as they help to drive global innovation.

THE TRIBUNE

Thursday, June 30, 2016, PAGE 3

Building permit values increase 46% during Q1

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A RISE in commercial applications and starts drove an improvement in Bahamian construction industry data for the 2016 first quarter, with the value of new permits up by 46 per cent year-over-year.

The Department of Statistics, unveiling its report for the three months to endMarch 2016, found that the value of permits issued had risen from $86 million to $159 million year-over-year.

The bulk of the increase was driven by the commercial/industrial sector, which accounted for $41 million or more than half the increase, and the public sector (Government), which added $24 million.

The value rose much more significantly than the number of permits issued itself, which was only up by seven year-over-year at 310.

This indicates that the construction industry was be-

Commercial sector drives $73m rise to $159m But residential market still relatively flat Data indicates modest improvement ing driven by a number of higher-value projects during the 2016 first quarter, as opposed to any growth in volume.

The Department of Statistics said: “The first quarter data for 2016 indicated the total number of permits issued all Bahamas (310) was seven units higher than the figure recorded in the first quarter of 2015.

“There was also an increase in the value of per-

mits issued over this period, from $86 million in 2015 to $159 million in 2016.

“The private/residential sector reflected an increase of approximately $8 million. The most significant increases were reflected in the commercial/industrial sector and public sector.

These sectors increased by approximately $41 million and $24 million, respectively.”

While the data represents an improvement, it is unlikely to be viewed as a return to the ‘boom period’ prior to the 2008-2009 recession.

The Department of Statistics added: “In the first quarter of 2016, the total number of construction starts all Bahamas, 127, was higher than that of the first quarter of 2015, which was 105.

“The value also increased by approximately $2 million. The most notable increase during this period was in the commercial/ industrial sector, with an

Development Plan’s first draft complete

By NATARIO McKENZIE

Tribune Business Reporter

‘Solutions-based strategy’ promised

nmckenzie@tribunemedia.net

THE Government’s lead ing official on the National Development Plan yesterday said its Secretariat had completed a first draft of the project, describing it as a “solutions and strategy” based-document.

Dr Nicola Virgil-Rolle said that moving on from the diagnostic phase of the Secretariat’s work, which culminated in the recentlyreleased ‘State of the Nation’ report, it has now completed its first draft.

“We have a first draft ready now that we are just tightening up the wording,” Dr Virgil-Rolle said.

She was speaking with the

media at a seminar on ‘innovation, transparency and service delivery’, hosted by the Inter-American Development Bank (IDB) in conjunction with the National Development Plan Secretariat.

“It’s going to be a document which is very actionoriented, where the average person can look at it and tick off something to say that it was done,” said Dr Virgil-Rolle.

“The state of the nation report was a diagnostic. It looked at the strengths that we have and the challenges.

We feel that it was brutally honest and very sobering in terms of providing the outlook on where we are.

“That was the first component. We continued our consultations with Bahamians in order to get where we are now, phase III, the actual drafting of the national development plan,” Dr Virgil-Rolle added.

“It takes a long-term look with short, medium and long-term goals of the key solutions. It’s a solutionsbased document, a strategybased document, which has as its logical framework a set of goals, and then a set of strategies under each of those goals under four key areas, namely the economy, governance, social policy and the environment.”

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increase of approximately $3 million.”

This, again, suggests only a fairly modest easing of conditions facing the Bahamian construction market, especially in the residential housing sector, where the value of ‘new starts’ actually fell year-over-year.

Residential housing is the ‘bread and butter’ for most Bahamian contractors, especially small and medium-sized enterprises, but this segment has found recovery from the recession

especially difficult.

The demand for new housing has been depressed by relatively high unemployment and flat incomes, coupled with the Bahamas’ mortgage crisis, where some $670 million worth of home loans are in arrears.

And the number of distressed properties sitting on the books of banks, who are unable to find buyers that can qualify for loans, has contributed to an oversupply or market glut.

“The total number of

construction completions in the first quarter of 2016 showed an increase of 15 units; 109 units in the first quarter of 2015 compared to 124 in the first quarter of 2016,”the Department of Statistics added.

“This increase was also reflected in the value, which increased from approximately $39 million in the first quarter of 2015 to approximately $44 million in the corresponding period in 2016.”

PAGE 4, Thursday, June 30, 2016

All Govt’s ‘committed sins’ managing nation From pg B1 could not afford to let another 15 years elapse before deciding to “organise the future” via the creation of a National Development Plan (NDP).

Addressing the launch of the Bahamas Coalition of Services Industries, Mr Rolle said the next ‘State of the Nation’ report “will not be pretty” if the Bahamas fails to capitalise on the current NDP momentum and produce a long-term plan for social and economic development.

Recalling his visit to New York last week to address the United Nations (UN) Public Service Day conference, Mr Rolle said it quickly became evident that many countries were further ahead of the Bahamas when it came to NDP-type planning.

“I spoke about transformation of the civil service to allow us to deliver on many of the goals and objectives of the people of the Commonwealth of the Bahamas,” Mr Rolle said, “par-

ticularly in terms of having a well-managed and structured delivery mechanism, which is the NDP. “What became patently obvious to me is that each and every country has its foundation in an NDP. Many of them were refining their third generation strategies to engage people in their countries, getting them closer to Government, making sure whatever is done is to the benefit of the people.”

The Bahamas Coalition of Services Industries is a body designed to advocate for, and champion, the segment of the Bahamian economy that accounts for more than 70 per cent of gross domestic product (GDP) and more than half of all local jobs.

The Coalition’s creation is the culmination of an 18-month effort instigated by the Caribbean Export Development Agency (CEDA), working closely with Bahamian consultant, Don Demeritte, the Government, the Bahamas Chamber of Commerce and

KHAALIS ROLLE Employers Confederation (BCCEC), industry groups and other stakeholders.

The Bahamas thus becomes the 14th CARICOM member to establish such a Coalition, joining the 13 others who are already part of the Caribbean Network of Services Coalitions (CNSC), an initiative that was itself launched 15 years ago.

Mr Rolle, though, said the Bahamas’ lateness in establishing such a body “jumped out at me”, especially given the importance of services industries to the Bahamian economy’s well-being.

“This is not something was recently conceived; it

was present in 2001,” Mr Rolle said of the Coalition of Services Industries concept. “The Bahamas continues to show up late. In 2016, it’s just coming to the party.

“The world is leaving us behind. Typically, you don’t hear politicians about what’s wrong.... and we’ve done a lot of things right, but long-term, sustainable growth has eluded us.”

Hence the need for the current NDP drive, and Mr Rolle described as “frightening” the apparent lack of concern in some quarters over the Bahamas’ future well-being.

“We have to start taking planning seriously, taking the future seriously, and the only way to do that is having an organised approach, and having the infrastructure and resources allocated to get the results we deserve in this country,” the Minister said.

“It’s not just one govern-

ment that’s not lived up to the transformation and expectations of this country. We have all committed some sins in managing this country. The people have to demand that we cannot manage this country without a long-term NDP.” Mr Rolle said the Government had gone to “great lengths to make this a true people centric plan”, allowing the private sector to take the lead in its design and crafting, and acting just as a co-ordinating agency and resource provider.

“We can’t let 15 years go by before we produce something that organises the future,” he added. “If we continue to do that, you can assume that the next State of the Nation report will not be pretty, as the trends show we continue to slide in areas we should not.”

Mr Rolle said the Government had “very talented and committed people”

PM targets ‘top 50’ business ease rank From pg B1 financial centre, nor our first mover status in the areas of tourism and port development.

“In five years, let us try to move to the top 50 countries; that is the target. This means our reforms will be bold, our resolve must be strong and our internal evaluation of ourselves brutally honest.”

Mr Christie yesterday issued the ‘30-day challenge’ to government department

heads, calling on them to come up with innovative ways to improve service delivery.

He stressed that there must be a transformation of the business climate in the country. “For far too long we have been too complacent,” Mr Christie said.

“While there have been important changes over the decades, we have not as a country made a collaborative and concerted effort to change the Bahamian busi-

THE TRIBUNE working for it, but needed to change the infrastructure and system to ensure it maximised the resources and abilities at its disposal.

“We don’t have a lot of time,” he added. “The world is changing around us, and if we’re going to be the country we want and need to be, we can’t have things done in silos or vacuums.”

Mr Rolle said the Government had “gone through a painstaking approach” to ensure as many Bahamian consultants as possible were involved with the NDP. He added that the administration spent significant sums on hiring foreign consultants, who often “come in and tell us what we already know”. Mr Rolle said it was important for them to be replaced by Bahamians with the necessary knowledge and expertise. ness environment and we are paying heavily for that now.”

He continued: “Our business environment, unfortunately, is know for its red tape and bureaucracy. Our agencies are too often likely to say come back another day, than offer advice on how to achieve the desired outcome.

“We must continue to change this negative reality if we are to exist as a vibrant service economy, and if our Bahamian-owned businesses are to flourish. There must be clarity in our rules, certainty in our application and a zero-tolerance for graft and corruption.”

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THE TRIBUNE

Thursday, June 30, 2016, PAGE 5

Air freight operators in Bahamas boycott threat From pg B1 is heavily reliant on international transportation to facilitate the smooth movement of goods and services, and any withdrawal or reduction in air cargo services is yet another threat to the Bahamas’ ease of doing business and a functioning economy.

In common with the ocean shipping industry, the cargo airlines are especially concerned about the changes to regulation 147 in the Customs Management (Amendment) Regulations.

This requires all cargo planes to submit their C7 general declaration forms to Customs, detailing all freight items they are bringing in, to Customs one hour before touching down in the Bahamas.

While this will incur a $75 processing fee, any C7s submitted less than an hour before arriving in the Bahamas will be subjected to a $2,500 charge.

Air cargo operators will also be subjected to a $5,000 per item fine for every “prohibited or restricted good” found on board. A fine equivalent to 25 per cent of the value will also be incurred for every item not declared prior to landing in Nassau.

Tribune Business understands that some of the Florida-based air cargo operators were meeting with the Customs Department yesterday in a last-ditch bid to have the new fines and fees amended or delayed.

However, the document sent to all air cargo carriers warned simply: “We are being assessed fees for stuff we have no control over.”

It said the increased fines meant it was impossible for operators to submit their C7 form to Bahamas Customs until they had their final cargo manifest - something that depended on “when your client or customer gets his invoices together”.

The letter added that despite cargo manifests being

filled out by clients, it was the air cargo operators that would pay the fines for incorrect listings or the inclusion of ‘prohibited/restricted’ goods.

“The manifest is filled out by your client, but you pay for his actions,” the letter seen by Tribune Business said. “You do not say what is put on your aircraft; your client does.

“If he chooses to move something on the restricted list, then we will pay the $5,000 per item fee prior to getting our [outbound] general declaration.

“We don’t control what goes on our aircraft; our client does, but the fees are assigned to the carrier, you and I.” The letter also confirmed that the new regulations threatened to undermine the business model for air cargo operators, especially those hired for specific charters, who relied on quick turnaround times after landing in the Bahamas.

“A side effect, which is just as crippling as the financial, is that the general declaration will not be stamped until the cargo has been inspected,” the letter said.

“This is deadly, as there are times Customs takes three to four hours to clear our flight. My aircraft are scheduled with a 30 minute turn time to meet the requirements of our other clients.”

The letter continued: “We, the carriers, cannot be held hostage by the Bahamian Customs to pay fees we have no control over.

“As 135 airlines, we cannot make it in south Florida without serving the Bahamas, but these liabilities are more than any reward our airlines can make.

“It takes only one client to put a box (content one gross) of restricted items on your flight, and you are out of business ($5,000 per item (times) 144 = $720,000).”

Calling on the industry to stand together, it urged air

Engineers chief: Our growth is being ‘stymied’ From pg B1 concerns, Mr Bethel added: “We are poignantly aware that large amounts of work for Bahamian projects are performed by non-Bahamian engineers, either in or outside.”

He said this resulted in a loss of professional experience and expertise for Bahamian engineers, plus a reduction in their potential contribution to economic growth and gross domestic product (GDP).

“Funds never touch Bahamian soil or never circulate within these borders,” Mr Bethel added of the compensation paid to foreign engineers, something he cited as “a major contributor to stymieing Bahamian intellectual capital”.

The Government enacted the Professional Engineers Act in 2004, creating a Board to self-regulate the profession and ensure all practicing professionals have the appropriate qualifications, expertise and are duly registered.

This was done, in part, to control the amount of work being done in the Bahamas by foreign engineers, but concerns such as Mr Bethel’s continue to be expressed with regard to local involvement on FDI projects, with The Pointe in downtown Nassau among those that Tribune Business understands is receiving scrutiny.

Turning to his second concern, Mr Bethel added: “Exports are something that is woefully lacking in the Bahamas, and there is a very real need to develop manufacturing and industrial activity.

“These have been greatly underserved, and can result in a substantial earning capacity for this nation.”

The Bahamas has seen the loss of manufacturers such as Bacardi in recent decades, with relatively high labour and utilities costs cited as the main obstacles to this nation developing an industrial base.

Freeport, though, has retained all its major industrial firms, while Morton Salt remains operational on Inagua.

Mr Bethel, though, cited the example of Jamaica, where 500 different products had been approved for export to the US, Canada and Europe.

He added that expanding the Bahamas’ manufacturing and industrial capacity, especially in the export sector, would boost foreign currency earnings and “reduce the flight of dollars earned in the tourism industry”. Presently, 85 cents in every $1 earned by the latter sector goes straight back out of the Bahamas.

The Bahamas Coalition of Services Industries has been formed to boost this segment’s competitiveness, enhancing its export capacity and providing it with the knowledge, support and training to play a greater role in international trade and the world economy.

Keva Bain, the acting director of trade in the Ministry of Financial Services, said the Coalition’s formation would ensure “the Bahamas is not left out or left behind”, and that its services sectors are able to “participate in and benefit” from all international trade deals this nation enters.

cargo operators to “advise your clients we will not accept this liability to carry their cargo, and for them to advise the Comptroller of Customs of the seriousness of the loss of their trade.

“Contact every person you know who is providing a carrier service to the Bahamas, and advise them of these liabilities. Contact the Customs inspectors you know and tell them you cannot operate under these regulations.”

Finally, it warned: “Be prepared to withhold our services if required to repeal this amendment.

“The Bahamas needs us as much as we need them.”

Executives in the Bahamian courier/import industry, speaking on condition of anonymity, told Tribune Business that the Customs fines threatened to under-

mine the “same day shipping” model many of them employed. Not to mention their finances, if the cargo companies they chartered passed the fines on to them.

“They really are doing some crazy stuff, and putting it basically on small people bringing stuff in,” one said. “The Act really says that the fine goes to them [the cargo companies], not the client.”

The executive confirmed they were aware that air cargo companies were “threatening” to boycott the Bahamas, and added: “Being an urgent shipper, we fly at certain times. Now, it’s going to be impossible for people to do same day shipping.

“Anyone dropping stuff off, we’ll have to make the closing the night before, except for perishables. I hope

they’re not going to roll this out on July 1. It’s affecting everybody.”

Another courier, speaking on condition of anonymity, told Tribune Business: “Those Customs amendments are a serious concern, a pretty serious concern for us. There is no doubt about that, and I know that

the shipping companies are concerned as well.

“We haven’t gotten together as yet on this, but there is some stuff floating around that we know comes into effect July 1. Once they say it, that’s it. You can’t fight it; you just have to find ways to work round it.”

Share your news The Tribune wants to hear from people who are making news in their neighbourhoods. Perhaps you are raising funds for a good cause, campaigning for improvements in the area or have won an award. If so, call us on 322-1986 and share your story.

Family Medicine Center Welcomes Dr. Parker-Curling Family Medicine Center is pleased to welcome Dr. Kristine Parker-Curling as she joins the FMC medical team. She is ABIM Board Certified in Internal Medicine and Endocrinology, Diabetes & Metabolism. She is also certified as an Obesity Specialist. Dr. Parker-Curling is honoured by, and looks forward to, the challenge of her role as the only full-time Endocrinologist currently practicing in The Bahamas.

www.familymedicinecenter.org

PAGE 6, Thursday, June 30, 2016

Aide: Clinton opposed private Sarkis loses bid to emails accessible to ‘anybody’ buy $192m claims WASHINGTON (AP) — Longtime Hillary Clinton aide Huma Abedin said in a legal proceeding that Clinton did not want the private emails that she mixed in with State Department emails on her private computer server to be accessible to "anybody," according to transcripts released Wednesday.

Abedin's comments provided new insight into the highly unusual decision by the presumptive Democratic presidential candidate to operate a private email server in her basement to conduct government business when she served as secretary of state.

Abedin also said under oath that she was not aware whether Clinton personally deleted any emails during her tenure as secretary.

Abedin told lawyers for the conservative group Judicial Watch in a deposition that she could not recall whether she or Clinton discussed with any State Department officials Clinton's use of her server exclusively for government business. Abedin was Clin-

ton's deputy chief of staff at the State Department, now works with Clinton's president campaign and often travels with the candidate. Abedin used an email account on Clinton's server occasionally for government business, although Abedin also used a government address.

"I assumed it was OK to do," she testified.

Abedin is one of several former State Department officials who are being deposed by the conservative group in a civil lawsuit over the agency's failure to turn over files under the Freedom of Information Act. A transcript of the proceeding was released by Judicial Watch on Wednesday.

Judicial Watch lawyers repeatedly pressed Abedin to explain Clinton's concern expressed to her in a November 2010 message that her emails might become public, but the longtime aide insisted that Clinton's interest in wanting to keep her personal correspondence from being exposed was similar to any private citizen's.

From pg B1 process after the Government joined his former Chinese partners in opposing the Chapter 11 bankruptcy process.

And Mr Izmirlian (Granite Ventures) said the receivers’ opposition to ‘selling’ the rights to the $192 million claim showed how the entity that appointed them, the China ExportImport Bank, was more interested in protecting its fellow state-owned entity, China State Construction Engineering Corporation (CSCEC).

“It is disgraceful that unsecured creditors have been shoe-horned into the winding up/liquidation legal process here in the Bahamas, in which their interests have been marginalised,” Mr Izmirlian and Granite Ventures charged yesterday.

“The non-performance of the defendant parties in the litigation is the very reason that Baha Mar became a tragedy for so many in the Bahamas.”

“We are disappointed in this ruling because it de-

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nies the unsecured creditors of Baha Mar the opportunity to possibly realise monies they are owed,” Mr Izmirlian and Granite Ventures continued.

“The claims made by Baha Mar against CCA and its parent, CSCEC, for nonperformance are valid, as various documents - now public - about CCA cutting corners, missing its own schedules, requesting more workers from CSCEC, have revealed.”

They added that the receivers’ opposition to Granite Ventures’ motion “speaks volumes” about the China Export-Import Bank, and its relationship with Baha Mar’s contractor, implying it was more interested in protecting the project’s contractor than the interests of Bahamian creditors.

The $192 million claim against CSCEC seeks to enforce its May 12, 2011, guarantee that China Construction America (CCA), its subsidiary, would perform all necessary obligations under the terms of its Baha Mar construction contract.

The action was filed in the UK High Court on June 30, 2015, one day after Baha Mar sought Chapter 11 bankruptcy protection - a move that was ultimately defeated in the Bahamian and Delaware Courts.

However, Mr Izmirlian argued that the Deloitte & Touche receivers were “failing to properly pursue” the $192 million claim - alleged-

THE TRIBUNE

ly one of the most valuable potential recovery sources for the project’s creditors.

Granite Ventures thus petitioned the Supreme Court on February 18, 2016, to approve a process whereby the $192 million action could be pursued in the UK High Court without the involvement of the receivers.

It provided the Supreme Court with two options for ‘monetising’ the value of Baha Mar’s claim against its contractor for the benefit of all creditors, including itself.

Granite Ventures sought an Order that would place “custody and control” of the CSCEC action into the hands of either a Baha Mar creditors’ committee or the project’s joint provisional liquidators.

However, Justice Winder’s ruling yesterday said the joint provisional liquidation team of Bahamian accountant, Ed Rahming, and the UK duo of Alastair Beveridge and Nicholas Cropper, had opposed Mr Izmirlian’s move.

And Justice Winder appeared to express scepticism that Mr Izmirlian’s pursuit of the rights to the UK action was designed to benefit all unsecured creditors.

Referring to Granite Ventures’ initial application, he said it was seeking a Supreme Court Order “to sell off the secured asset for the benefit (it says) of all creditors, both secured and unsecured”.

The term ‘it says’ suggests Justice Winder had doubts about whether Granite Ventures was acting for the benefit of all unsecured creditors, including the 123 Bahamian contractors said

to be owed a collective $74 million.

Trade creditors were said to be owed a total $123 million when Baha Mar filed for Chapter 11 bankruptcy protection a year ago yesterday, with Standard & Poor’s (S&P) recently putting the total debt owed at $170 million. Then there is the severance pay and other benefits owed to the 2,000 laid-off Bahamian staff.

Whitney Thier, Baha Mar’s ex-general counsel, had alleged in a February 2016 affidavit that Granite Ventures had offered to acquire Baha Mar’s $192 million claim from the receivers in return for an immediate $250,000 payment, with the net proceeds from any successful litigation claim split 70/30 in its favour.

This meant that, should Baha Mar have been 100 per cent successful in pursuing the claim, Mr Izmirlian and Granite Ventures would have retained $134.4 million, with $57.6 million going to the receiver.

While Mr Izmirlian and Granite Ventures said yesterday that they intended to appeal Justice Winder’s ruling, the receivers, represented by Brian Simms QC and Sophia Rolle-Kapouzogalu of the Lennox Paton law firm, are objecting to this.

Tribune Business understands that another hearing will have to be held before Justice Winder to determine whether permission for Granite Ventures to head for the Court of Appeal will be granted.

Position Announcement Job Title: Photographer & Video Producer Closing Date: Friday July 22, 2016 Contract type: Permanent, full-time Salary: Based on experience An established Bahamian company is seeking an accomplished Photographer and Videographer who is comfortable working across platforms and in different styles, managing multiple projects in parallel, and keeping them all moving forward. The successful applicant will have the ability to produce and edit multimedia content that will help maintain the company’s position at the cutting-edge of its market.

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